CME Blocks Down to $1.95
Spot blocks dropped to $1.9500 per pound, $0.0425 lower, with one lot trading. Barrels advanced to $1.8700 per pound, up a penny, with two loads exchanged.
Fourth quarter Class III futures slipped to $18.65 per bushel, shedding 19 cents.
The October “all cheese” contract decreased to $1.9740 per pound, giving up $0.0240.
Spot butter rose to $2.6600 per pound, 1.5 cents higher, with 12 lots changing hands.
Fourth quarter butter futures settled at $2.6543 per pound, tacking on $0.0301.
Spot NDM ticked up to $1.0750 per pound, increasing by $0.0025, with six loads trading.
The October NDM contract dipped to $1.0800 per pound, losing a half cent.
Spot dry whey was unchanged at $0.3050 per pound, with one lot exchanged.
October dry whey futures lifted to $0.3215 per pound, gaining $0.0005.
The September corn contract advanced to $4.6475 per bushel, up $0.0375. September soybean futures eased to $13.5625 per bushel, $0.0375 lower.
FROM THE TRADING DESK: Dairy markets started Labor Day weekend early. Spot block offers were abundant, knocking prices down more than four cents, while barrels ticked up a penny. Fourth quarter Class III futures proceeded to fall about a quarter, while the deferred months in 2024 saw some buying interest, increasing by a penny to a nickel per contract. This week saw Midwest spot milk prices climb to $1.13 per hundredweight over Class, and that’s likely to continue next week, with more hot weather in the forecast.